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Older Workers and Retirement Security: a Review

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Abstract

This article documents risks and disparities among older workers in the labor force and in retirement preparedness and explores the links between labor market challenges facing older workers and retirement insecurity. We use survey data from the Current Population Survey (CPS), the Health and Retirement Study (HRS), and the Survey of Consumer Finances (SCF) to upDate and expand upon previous research on issues including retirement plan coverage and retirement account balances, as well as older workers’ labor force participation and employment, job quality, and job security. We show that while many older workers have little to nothing saved for retirement and cannot afford to retire, the advances in their employment prospects and job quality have been slow and unequal. Our findings reframe improving access to decent jobs as a complement to, rather than substitute for, retirement readiness.

Suggested Citation

  • Monique Morrissey & Siavash Radpour & Barbara Schuster, 2023. "Older Workers and Retirement Security: a Review," SCEPA working paper series. 2023-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepawp:2023-01
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/Working_Papers/2023_June_Chartbook_Paper_Final.pdf
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    References listed on IDEAS

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    1. Teresa Ghilarducci & Siavash Radpour & Michael Papadopoulos, 2021. "Trends in Employer-Sponsored Retirement Plan Access and Participation Rates: Reconciling Different Data Sources," SCEPA publication series. 2021-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    2. David Neumark & Ian Burn & Patrick Button & Nanneh Chehras, 2019. "Do State Laws Protecting Older Workers from Discrimination Reduce Age Discrimination in Hiring? Evidence from a Field Experiment," Journal of Law and Economics, University of Chicago Press, vol. 62(2), pages 373-402.
    3. Gal Wettstein & Laura D. Quinby, 2021. "Are Older Workers Capable of Working Longer?," Issues in Brief ib2021-12, Center for Retirement Research.
    4. Laura D. Quinby & Gal Wettstein, 2021. "Are Older Workers Capable of Working Longer?," Working Papers, Center for Retirement Research at Boston College wp2021-8, Center for Retirement Research.
    5. Ian Burn & Daniel Firoozi & Daniel Ladd & David Neumark, 2022. "Help Really Wanted? The Impact of Age Stereotypes in Job Ads on Applications from Older Workers," NBER Working Papers 30287, National Bureau of Economic Research, Inc.
    6. Joanna N. Lahey, 2008. "Age, Women, and Hiring: An Experimental Study," Journal of Human Resources, University of Wisconsin Press, vol. 43(1).
    7. Retirement Equity Lab, 2020. "Older Workers Know They Face An Unfriendly Labor Market," SCEPA publication series. 2020-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    8. David Neumark & Ian Burn & Patrick Button, 2019. "Is It Harder for Older Workers to Find Jobs? New and Improved Evidence from a Field Experiment," Journal of Political Economy, University of Chicago Press, vol. 127(2), pages 922-970.
    9. Henry S. Farber & Chris M. Herbst & Dan Silverman & Till von Wachter, 2019. "Whom Do Employers Want? The Role of Recent Employment and Unemployment Status and Age," Journal of Labor Economics, University of Chicago Press, vol. 37(2), pages 323-349.
    10. Nicole Maestas & Julie Zissimopoulos, 2010. "How Longer Work Lives Ease the Crunch of Population Aging," Journal of Economic Perspectives, American Economic Association, vol. 24(1), pages 139-160, Winter.
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    More about this item

    Keywords

    older workers; retirement readiness; working conditions; bargaining power;
    All these keywords.

    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J81 - Labor and Demographic Economics - - Labor Standards - - - Working Conditions

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